Recession fear, volatility rattle Wall St

NEW YORK - The Dow and the S&P 500 briefly turned positive on Monday in volatile trade as shares of Verizon Communications spurred gains in the telecoms sector, but the bounce quickly faded as persistent worries about recession fueled caution.

By (Reuters)

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Published: Mon 27 Oct 2008, 10:23 PM

Last updated: Sun 5 Apr 2015, 2:26 PM

Top drags included shares of technology bellwethers such as Microsoft Corp, down nearly 4 percent, amid worries about the toll of the credit crisis on tech spending. Energy shares fell on concern that recession will hurt energy demand.

The Dow Jones industrial average was down 12.19 points, or 0.15 percent, at 8,366.76. The Standard & Poor’s 500 Index was down 5.34 points, or 0.61 percent, at 871.43. The Nasdaq Composite Index was down 16.43 points, or 1.06 percent, at 1,535.60.

Verizon, a Dow component, jumped 10.3 percent to $27.67 following the company’s report of a stronger-than-expected quarterly profit.

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